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Cell Therapeutics, Inc. Announces $6.5 Million Offering
Date:11/30/2007

SEATTLE, Nov. 30 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI) (Nasdaq: CTIC; MTAX) today announced that it has entered into agreements to sell approximately $6.5 million of its 7% Convertible Preferred Stock and warrants in a registered offering to several institutional investors, including certain of its existing securities holders. CTI will sell Series D convertible preferred stock and warrants to investors at the negotiated price of $1,000 per share of Series D convertible preferred stock. The Preferred Stock will be convertible into shares of common stock beginning on or about December 3, 2007, at a conversion price of $2.6125 per share. Purchasers will also receive warrants to purchase common stock in an amount equal to 50% of their total investment amount divided by $2.6125, which warrants will have an exercise price of $2.55 per share, which is equal to the closing bid price of the Company's common stock as reported on the NASDAQ Global Market on November 29, 2007. The warrants will not be exercisable until six months following the closing. The Company intends to use the proceeds of the offering towards the closing of its purchase of ZEVALIN(R) from Biogen Idec Inc. and for general corporate purposes.

The offering is expected to close on December 3, 2007, subject to certain closing conditions.

Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq: RODM), acted as the exclusive placement agent for the offering.

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